According to iMoney, this covers contributions like property, medical equipment and various facilities.

For non-monetary donations, you have to estimate the fair market value of the item. This has to be an appropriate value depending on its description, condition and prices.

Businesses usually hire experts to analyse and provide a written appraisal for such items. Donating appreciating assets like property are more profitable than depreciating assets like transportation or food.

According to Forbes, receipts should include details like your full name, the date, the amount and the organisation that received the donation. When filing for tax deductions, the government requires such information to avoid misdemeanours.

To quote Johann Wolfgang, "You can easily judge the character of a man by how he treats those who can do nothing for him".

Charitable tax deductions are important as the wealthy contribute their fair share toward society. In the end, it's not how much you give, but how willing you are to give.